US current account deficit widens 10.7% in Q2

​​​​​​​By Ovunc Kutlu

ISTANBUL (AA) - The US current account deficit widened 10.7% in the second quarter, compared to the first, according to data released Thursday.

The current account deficit, which reflects the combined balances on trade in goods and services and income flows between US residents and those of other countries, rose $25.8 billion to $266.8 billion from April to June, according to the Bureau of Economic Analysis (BEA).

While the expectation for the figure was to show a $259 billion deficit, the deficit for the first quarter was revised to $241 billion from $237.6 billion.

"The second-quarter deficit was 3.7 percent of current-dollar gross domestic product, up from 3.4 percent in the first quarter," the BEA said in a statement. "The $25.8 billion widening of the current-account deficit in the second quarter mostly reflected an expanded deficit on goods."

Exports of goods decreased $0.1 billion to $516.7 billion, while imports jumped $20.1 billion to $813.9 billion, it said.

"Exports of goods and services to, and income received from, foreign residents increased $4.9 billion to $1.20 trillion in the second quarter," said the agency.

"Imports of goods and services from, and income paid to, foreign residents increased $30.7 billion to $1.47 trillion," it added.